We manage your contribution and our takaful operations based on the Shariah contract of wakalah, and guided by our Shariah committee.
Takaful is a mutual assistance scheme based on the spirit of brotherhood and solidarity where you and others agree to assist each other financially if any one of you suffers a specific loss.
The contributions you pay for cover under your certificate is subject to a wakalah fee.
Wakalah is the appointment by one party of another to act on his/her behalf.
We pay your contributions, less the wakalah fee, into our Participants’ Risk Fund (PRF) as tabarru’. Funds in PRF are used to pay the benefits to claimants who are entitled to it based on: the solidarity of brotherhood and cooperation among the participants; and subject to terms & conditions.
Tabarru’ is a donation for the purpose of takaful. If the value of PRF is insufficient to pay the claims, then we will pay Qard which is an interest-free loan to PRF.
In case of the good performance of the PRF, we will be rewarded 50% of the surplus as Ju’alah and the remaining 50% will be distributed to participants.
First step:
Assess how much savings you will need. Funding an education is hard enough even today, with costs increasing more than salary inflation it will be even tougher. Select a few courses and study pathways, then compare and evaluate the expected average costs by factoring the inflation rate (assumed at 10% per annum).
Second step:
Balance your objectives and principal considerations When it comes to investing for a goal, you should clearly assess your financial capacity and weigh it with your willingness to take risk as well as type of risk(s). It’s important as investing in an Investment-Linked Takaful plan is a long term commitment.
Capacity: Time horizon, financial situation
Willingness: Investment objective, risk tolerance, attitude to risk
Here are 4 key personality traits which help you to evaluate which fund choices you can choose, and assess what kind of investor you are.
Accumulators:
Keenly interested in accumulating wealth.
What to steer investment decisions.
Confident of the investment decisions they take.
Followers
Likes to follow friends or new investment fad.
May lack interest or knowledge in investing.
Decision making process often lacks long term planning.
Preservers
Emphasise financial security.
Anxious about losses and short term performance.
Fear of making wrong investment decisions.
Independents
Hold original ideas and like to be involved in the investment process.
Often very analytical and critical thinkers.
May exhibit bias in decisions due to own research.
Your contribution depends on the following criteria regarding the family members covered under the certificate:
Age
Health status
Smoker status
Gender
Amount of coverage
Term of coverage
Occupation
Payment frequency
Based on these personal information, we’ll be able to provide you with a quotation.
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